ANAHEIM, CA / ACCESS Newswire / April 15, 2025 / Phoenix Motor Inc. (the "Company"), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced that it has formally appealed the Nasdaq delisting determination and is taking proactive steps to protect shareholder value following the trading halt of its common stock (previously traded under: PEV).
Hearing Request and Continued OTC Trading
As previously disclosed, Nasdaq suspended trading of the Company's common stock effective today, April 15, 2025, due to non-compliance with the minimum bid price requirement and the Company's failure to hold an annual shareholder's meeting in 2024. The Company has:
Timely requested a hearing before the Nasdaq Hearings Panel to appeal the delisting decision.
Initiated the transition to over-the-counter (OTC) trading. The Company will provide updates regarding OTC market availability.
" We respect Nasdaq's process and are pursuing all avenues to regain compliance through the appeal process," said Xiaofeng Peng, CEO of Phoenix Motor Inc. "Our operations and growth strategy remain unchanged, and we are committed to maintaining transparency with our investors during this transition."
Progress on Compliance Measures
The Company is advancing its plan to meet Nasdaq's requirements, including:
Reverse Stock Split Approval - The Board continues to recommend shareholders approve a reverse stock split (ratio range: 1-for-1.5 to 1-for-5) to address the bid price deficiency.
Imminent Annual Meeting - The shareholder meeting will proceed as scheduled on April 18, 2025, at the Company's headquarters (1500 Lakeview Loop, Anaheim, CA), to resolve corporate governance requirements.
About Phoenix Motor Inc.
Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) and "EdisonFuture", which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. To learn more, please visit: phoenixev.ai.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
Contact: IR@phoenixev.ai
Dave Gentry, CEO RedChip Companies, Inc.1-407-644-4256 PEV@redchip.com
SOURCE: Phoenix Motor Inc.
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